Welcome to another edition of Zilliqa Zebra. Are you confused with ZilSwap and unsure about how to contribute to the ZilSwap pool? Are you hope to earn some ZWAP but not sure how to do it?
In the trending twitter forums on Zilliqa, there were many users complaining about the lack of how-tos to guides on how to contribute to the liquidity pool on ZilSwap and to earn ZWAP. With this in mind, I am going to share more about ZilSwap, how to access this platform. I will also share with you how to provide liquidity pool to ZilSwap and in the process earn ZWAP as well.
What is ZilSwap?
ZilSwap is a fully on-chain, decentralized exchange running on Zilliqa. Zilswap will be at the core of Zilliqa’s push into the decentralized finance (DeFi) space by allowing users to trade digital assets on the Zilliqa blockchain.
- First of all, you will need to get a ZilPay Wallet. You can download it easily at https://zilpay.xyz/. For me I am using a Chrome extension for ZilPay.
- If you are a new user, click on CREATE.
- It will show you a 12-word backup phrase.
- Please store this safely.
- Verify the backup phrase and then create a password.
How to provide liquidity?
- Next, you will need to visit the ZilSwap page at https://zilswap.io/pool.
- You will be asked to connect to your ZilPay wallet.
- Make sure you are logged into your ZilPay wallet.
- Assuming I want to provide liquidity between gZIL and ZIL.
- I need to ensure that I have the equivalent to contribute to the pool.
What is $ZWAP?
- $ZWAP is the new ZRC-2 governance token for ZilSwap that empowers stakeholders to take part in decisions governing the protocol.
- They can enact improvements and drive further development of the platform in a fully decentralized and permission-less manner.
- The distribution of $ZWAP tokens will begin on 3 February 2021, 16:00 UTC+8.
- Its distribution mechanism is outlined by 2 key stages to users who benefit the protocol.
- The total supply of $ZWAP tokens is 1,000,000 $ZWAP.
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